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How much negotiating power do you get from buying a home with cash? Not as much as you might imagine. Surely, when it comes to buying homes in need of repairs, cash is the preferred way to pay. Many fix-up homes can’t be easily financed. Also, when you buy a home with cash, the Seller isn’t worried about an appraisal or that a loan approval will fall through, making cash offers more attractive overall. But do cash buyers really pay less? Turns out, they do! Just not an incredibly large amount less... The biggest three purchasing products in the Hampton Roads market are cash, VA, and FHA financing. - FHA buyers pay on average 98.8% of list price and purchase less expensive homes, at an average of $201k.
- VA buyers pay 96.5% of list price, and buy homes priced at $254k on average.
- Cash buyers pay 95.5% of list price and buy $220k homes on average.
34% of cash purchases are fix-up homes. Unsurprisingly, only 8% of both FHA and VA buyers select fix-up properties. So yes, on average, cash home buyers pay less. VA & FHA financing is by far the most common way to purchase in our local market and these buyers often have closing cost assistance from the Sellers, which usually means they pay a little closer to the listed price to get those closing costs.
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Not new news...but wanted to make anyone who had questions about whether they qualify can find it one place!They've extended the $8,000 home buyer tax credit to May 1, 2010 for first-time buyers. And they've added a $6,500 tax credit for buyers who have lived in their current home for five of the past eight years. The limit on the sales prices is $800,000.Income limits have been increased to $125,000 for individuals and $225,000 for joint filers. Incomes above these limits up to $145,000 for individuals and $245,000 for joint filers still qualify for reduced credits. As long as buyers have ratified contracts in place by April 30, they will have an additional 60 days to complete their purchase. Deadlines for our military who are deployed or overseas for at least 90 days between Jan. 1, 2009, and May 1, 2010, have been extended by one year!The credit can be claimed by taxpayers on their federal taxes of course. This is not just a deduction...if you're owed money, the government will issue you a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010. More on the tax credit at http://www.flemingsrealestate.com/Buyer_Tax_Credit/page_2299688.html
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COMPLETELY RENNOVATED HOME
• 2,520 sq. ft., 3 bath, 4 bdrm 2 story
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MLS®
$350,000
Birchwood-Gardens, Virginia Beach
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COMPLETELY RENOVATED HOME, 2 STORY MAINTENANCE FREE EXTERIOR, NEWER HVAC, LG YARD. HUGE MSTR BDRM W/FULL SPA, BR OVER GARAGE W/1 CAR DETACHED. LARGE FOYER ENTRANCE. ENTIRE HOME WIRED FOR CABLE, TELEPHONE & INTERNET DATA CAT 5, LG NEW KIT W/HARDWOOD FLRING, UPGRADED CABINETS & UPGRADED LAUNDRY ROOM.
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• 1,522 sq. ft., 1 bath, 3 bdrm single story
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MLS®
$205,000
Ingleside, Norfolk
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WELL MAINTAINED 3 BED BRICK RANCH W/GARAGE. SEP. LIVING, FAMILY, DINING ROOMS, LARGE EAT IN KITCHEN AREA. NEW CERAMIC & REFINISHED WOOD FLOORS, ALL APPLIANCES CONVEY. ARCHITECTUAL ROOF & NEW WINDOWS. HUGE FENCED IN BACKYARD. HOUSE IS 1 BLOCK FROM NEW LIGHT RAIL STATION. QUIET STREET. GREAT HOUSE! AMAZING PRICE!
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• 1,261 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$150,000
Georgetown, Chesapeake
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BEAUTIFUL TOWNHOME WITH 2 MASTER SUITES AND BATHS, WALK IN CLOSETS. PATIO OUT BACK FOR ENTERTAINING. SHOWS PRIDE OF OWNERSHIP THROUGHOUT. PLEASE CALL AGENT FOR SHOWINGS. SELLER TO REPLACE CARPET. BUYER CHOOSES THE COLOR.
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• 2,016 sq. ft., 2 bath, 4 bdrm single story
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MLS®
$374,900
Laurel Cove, Virginia Beach
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GORGEOUS 4BR,2.5BA HOME IN WONDERFUL GRT NECK NEIGHBORHOOD OF SIDEWALKED ST'S & HUGE BKYD. COMPLETELY RENOVATED KIT & MSTR BATH. NEW MAPLE CAB,COUNTERS, APPL'S, TILED FLR. CERAMIC TILED FLR, SHOWERWALLS, SINK, VANITY & TOILET. ENTIRE HOME FRESHLY PAINTED, HDWD FLRS REFINISHED & GLEAM. GRT SCHOOLS
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• 1,396 sq. ft., 1 bath, 3 bdrm single story
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MLS®
$146,500
Lake Edward, Virginia Beach
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UPDATED 3 BEDROOM TOWNHOME ON WATER. CUL-DE-SAC, NEW PRIVACY FENCE, HARDWOOD FLOORS, ROOF, PAINT, AND UPDATED KITCHEN & BATHROOMS. 2 LIVING AREAS W/DINING RM, SPACIOUS & OPEN FLR PLAN.
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• 1,989 sq. ft., 2 bath, 4 bdrm single story
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MLS®
$270,000
Lake Placid, Virginia Beach
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GORGEOUS, RENOVATED 4BR/2BA BRICK RANCH IN EST NEIGBORHOOD CLOSE TO BEACH AND BASES. NEWER ROOF, WINDOWS, KIT CNTRS/CABS, STOVE, DW, & FLOORING. FRESHLY PAINTED THROUGHOUT. UPDATED BATHS, LOVELY FENCD YARD WITH PATIO. A MUST SEE.
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• 2,454 sq. ft., 2 bath, 4 bdrm single story
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MLS®
$329,000
Castleton, Virginia Beach
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THIS GORGEOUS HOME HAS BEEN LOVED AND CARED FOR IT SHOWS GREAT. OPEN FLOOR PLAN, CUSTOM KITCHEN CABINETS, EXTRA INSULATED GARAGE, ENERGY EFFICIENCY. DRAMATIC 2-STORY FOYER, SITTING ROOM IN MASTER, BEAUTIFUL LAKE FRONT LOT. NEUTRAL COLORS. MOVE IN READY. DEIGHLTFUL FROG RAISED CEILING IS 4TH BEDROOM.
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OUTSTANDING WATERFRONT HOME
• 4,831 sq. ft., 2 bath, 4 bdrm 2 story
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MLS®
$439,000
- REDUCED!!!
Marsh Creek, Chesapeake
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Outstanding waterfront home w/lg beautiful sunrm addition & 1st flr bonus game/entertainment rm. Custom 2 story detched garage ideal for boat/multiple cars. Kit. has granite couters,ceramic flrs & lg eat-in kitchen area. Formal LR,DR & Family Rm. w/gas fireplace. Original owner & move in condition
MORE INFO AT WWW.JENSOLDMYHOME.COM
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WATERFRONT PROPERTY IN LITTLE NECK
• 3,978 sq. ft., 3 bath, 5 bdrm 2 story
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MLS®
$724,900
- REDUCED!
Kings Grant, Virginia Beach
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EXPANSIVE WATER VIEWS OF LYNNHAVEN RIVER FROM YOUR KITCHEN WINDOW DEEP WATER ACCESS. ENJOY BOATING, FISHING & CRABBING FROM YOUR OWN BACKYARD. NEW DESIGNER KIT. W/GRANITE, SS APPL'S, HDWD FLRS. BIGGEST WATER VIEW AVAIL IN VA BCH UNDER $1MILLION. 1YR HOME WARRANTY.
MORE INFO AT WWW.JENSOLDMYHOME.COM
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• 921 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$188,900
London Pointe, Virginia Beach
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CHARMING CONDO IN THE HEART OF GREAT NECK. EASY ACCESS TO I264 AND BEACHES.BEST DEAL IN NEIGHBORHOOD AND PRICED TO SELL FAST. ALL APPLIANCES INCLUDING WASHER AND DRYER CONVEY. VERY CLEAN. GREAT SCHOOLS AND LOCATION
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